The adoption of Bitcoin by institutional investors is on the rise, indicating that the foremost crypto is now mainstream. Today, it has emerged that JPMorgan Chase is close to launching a Bitcoin fund for its wealthy clients in the summer, per report from CoinDesk.
This is a big deal considering that the institution is headed by Jamie Damon, a fierce critique of Bitcoin in the past. Once the fund is launched, it will use NYDIG for Bitcoin custody services.
This development is relatively new in the U.S. In fact, JPMorgan Chase will be the largest bank in the U.S to have a service that handles Bitcoin as an official asset. The move comes as other U.S banks have also indicated that they are looking to offer Bitcoin-related services. Goldman Sachs, whose CEO recently stated that they would begin offering crypto-related products to clients with a net worth of over $25 million.
Overall, this points to the expectation of an improved regulatory environment in the U.S. Recently; the Senate approved a crypto-friendly person to become the SEC’s chairman. With such institutional movers taking bold steps in crypto, Bitcoin at current prices is in an exciting position.